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“The London gold market continues to be open for business. There has, however, been some impact on liquidity arising from price volatility in Comex 100-oz [ounce] futures contracts. LBMA has offered its support to CME Group to facilitate physical delivery in New York and is working closely with Comex and other key stakeholders to ensure the efficient running of the global gold market.”

People need to hunker down and think less necessary they shouldn’t travel out of their state. 25,000 cases now.

Tuesday morning …this has been the most whacked out day in precious metals history. I woke up to gold $117 higher. Not long later, it was up $20 in the spot bullion sites. But the futures were still $80 higher.

Some explanations of what is going on…

Wholesale bid/ask spot price spreads super wide this morning

Dear Bill and Chris,

If others had not already told you, here is what I just posted on Liberty’s Facebook page:

Be very careful of what is being quoted for spot prices today! One of the largest US bullion wholesalers is quoting a $70 difference between their bid gold spot price and their ask gold spot price. The same company has a 25 cent spread on their silver bid/ask spot prices, a $15 spread on platinum, and a $180 spread on palladium bid/ask..

In checking various spot price reporting services right now, I saw the “gold spot” as being anywhere from $1,603 to $1,678. Silver was almost as crazy with prices from $14.03 to $14.33.

The wide spreads indicate a developing shortage of physical product to meet demand. So, assume that if you want to acquire physical bullion-priced precious metals you will have pricing figured on the basis of the wholesale ask price levels.

There is a substantial risk of far higher gold and silver prices in the immediate future along with a much higher risk that the public may simply be unable to purchase physical precious metals at all.

Why is this happening?

The top reason is the announcement yesterday that the US government and Federal Reserve will tremendously increase the supply of the US dollar. This is happening at the same time that production of goods and services worldwide is declining. When you have more dollars chasing fewer goods and services, prices inevitably rise.

In other words, the value of the US dollar will drop significantly in the near future, as guaranteed by the US government and Federal Reserve. Smart people are looking to acquire assets that will protect them against the falling value of the US dollar–meaning gold and silver.

We are definitely living in “interesting times.”

Patrick A. Heller
Communications Officer
Liberty Coin Service
path@libertycoinservice.com email…

That’s good.
If any businesses are reading theirs hospitals could and do need Vapotherms for both pediatrics and adults. They can be a alternative to respirators up to a point and last option before being on dreaded life support. One of my daughters was in it once said it was horrible. You can’t breath on you own have to wait till it pumps the oxygen to you. She kept pointing to it telling her to pull it out. When I worked with children they were always trying to pull it out. One child only three a little Italian kid was so strong he slammed the board his arm was tied to so he couldn’t pull it or IVs out and broke it in two against the side rail. Sometimes it took two of us also fighting tears with that one. Cuz they feel like they can’t breath. Their 02 have to be watched close. Even movement the Sats can drop.
Anyways more of those too.

February 24th Jung was $92—COMEX april 2020 gold was $1493 on Monday Feb 24th 2020

What about JPM’s supposed giant silver stash? I wonder if it really exists. I imagine we’ll find out.

Cheers

bbl

The London mkt is way bigger in phys than crimex and way bigger in trading Vol……

No idea of the exact ratio, as London never really discloses what goes through…it is a very secret mkt.

But was thinking about the LBMA statement…the Crimex mkt must have collapsed at one point today, which explains why the LBMA says they will bail them out….but can they ????……JPM and it Ag shorts ain’t looking very clever as of now…… as they cannot get the silver anywhere, if the refiners and mines close……they will have to pay up.

Good to the scum take 4 % off GDX in last 3 minutes….they really do deserve all they are gonna get.

What’s the paper gold to physical gold ratio? I think it’s huge … doesn’t seem like it would take much demanding delivery to tip the whole rotten paper gold edifice over.

And the sooner the better!

Maybe there isn’t catfood in my retirement future. 🙂

That zerohedge story is part right, i think….there must have been a massive buy order/stops on the Globex o/n Crimex gold mkt, which sent the mkt flying up to @ 1690…..and at the same time because there are no dealers on the London mkt, because they are all home, no -one arbed the diffrence out, so the London spot price only hit 1650 much later..

Those Ameritrade prices were crimex April prices, not spot, which I was seeing…….by a miracle I was talking to a mate who was telling me the mkt was 40 or 50 higher and I said bullshit…but we didn’t realise…what was going on..

As for Ronna O’Connell…she will never tell the truth about the scum, she is part of them……today we really got a taste of what is to come, when people find out what has really been going on and that the likes of GLD have only paper promises.

“Hoping all their corruption finally bites them in the ass.”

Me too Brother!

I sure hope it’s burning and someone too big to fail is demanding delivery so that the Crimex defaults.

It certainly appears there’s a shortage of physical, mines now shutting doesn’t help and where the hell is price discovery? Seems nonexistent.

Crazy. Hoping all their corruption finally bites them in the ass.

That’s what it sounds like. All the physical is being drained from the crimex and the LBMA. Default on deck! (I hope)

What a day! PAPER IS BURNING.

Key thing you said there: only messed up in pm’s, nothing else.

Why just pm’s?

I seriously get the sense that something is breaking or someone is in serious trouble.

“The Gold Market Is Breaking Down”: Gold Spreads Explode As LBMA Warns Of Liquidity Problems

https://www.zerohedge.com/commodities/gold-market-breaking-down-gold-spreads-explode-lbma-warns-liquidity-problems

That statement from the LBMA is interesting. Are they implying that they are providing physical for the Crimex customers that are standing for delivery?

If so, that’s the beginning of a default that will only get worse.

My supposed real time prices are all over the place, sometimes they are similar, others they can be out $ 5 or more….right now they are $ 5 diff….but spreads have widened massively as well…..problem also is that the offices are not manned, everyone is working from home, so v difficult to check prices.

But guess what it’s only the PM’s…FX, Bonds. stox all trading normally……eur/usd, is 1 pip spread……

There’s the current REAL price!

The London Bullion Market issued this statement to Kitco News:

“The London gold market continues to be open for business. There has, however, been some impact on liquidity arising from price volatility in Comex 100-oz [ounce] futures contracts. LBMA has offered its support to CME Group to facilitate physical delivery in New York and is working closely with Comex and other key stakeholders to ensure the efficient running of the global gold market.”

https://www.zerohedge.com/markets/mortgage-massacre-continues-mounting-margin-calls-spark-crisis-wall-street

It’s been far too quite, as to who has been crushed…..

me $26.47 for a silver Maple Leaf, using the dollars that pass through our hands from day to day.  But I am not willing to part with any of our once-ouncers.  Hope all is well at your end of the country.  We hear Dr. Rob Strang often on national TV coverage; we do not personally know him, but in a distant past decade both Mrs. Equiz and I were involved with Dr. Strang’s father on several professionally related matters.  We hope you are keeping healthy and safe.

That’s only a question that would be asked in the pm market after a two day rally.

Maybe when gold hits $3K that would be a good question, or if silver gets back to $18?

Hell, right now we don’t even seem to know what the actual price of gold is. Maybe because there’s a disconnect going on between paper and physical that’s getting far worse?

Learn Un-learn and Re-Learn is the situation with money. Everybody KNOWS that germs don’t like Silver and Copper.

Silver and Copper coinage was used extensively for typical purchases for decades, until 1964 as the US Dopey/Dollar lost tons of value. Twenty five cents or a quarter dollar used to buy a slice of Pizza and a Coke. How much is a slice and a coke today??

A slice of pizza near me is $2.50, the Coke is $1.75 = $4.25. So our idiot monetary managers need to WAKE t/f UP, and add a ZERO to each denomination of coinage to avoid $1 paper certificates that are equal to 4 slices of bread.

Trump just has to mandate adding a zero or multiply by 10 X  to each coin or 20 X each coin would be far better. Nobody would need paper money for small purchases. A $1 coin would be a $20 bill. Lots of my ideas come true 10 to 20 years later.

.01 penny to .10

.05 Nickel to .50

.10 Dime to $1.00

.25 Quarter to $2.50

.50 Half Dollar to $5.00

$1.00 Coins = $10

Adding 2 zeros times20 would be far better.

.01 penny to .20 cents.

.05 Nickel to $1.00

.10 Dime to $2.00

.25 Quarter to $5.00  There’s your slice and Coke again for one coin.

.50 Half Dollar $10.00

$1.00 Coins to = $20

You also can not buy Copper at spot, its like $16 a lb retail. Nobody will sell you retail Copper at $2.18 per pound. Geez, Chop meat is probably about $4/lb Bread $3 to $4/lb.

For years Democratic candidates for Congress and the White House tended to downplay support for gun laws after President Bill Clinton blamed Democrats’ loss of the House in 1994 on the backlash to the passage of the background check law and assault weapon ban.

But that has changed in recent years the PTB media have reported.

Every one of the top candidates running for the Democratic nomination — Joe Biden, Bloomberg, Pete Buttigieg, Amy Klobuchar, Bernie Sanders and Elizabeth Warren — all diabolical emotional no common sense unfortunates, have posted extensive gun-control proposals on their campaign websites. L.O.L.

Also note, Hillary in 2016 got less prime time and terrible on and off bad coverage if anyone remembers.

Note also, TPTB Media in 2016 subliminally WANTED Trump and republicans to win. Trump got tons and tons of prime time high ratings with ANTI political correctness rhetoric to enlighten and impress the sleeping giants to come back out a vote for the first time in decades, because somebody was finally talking turkey.

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